In time with the Tuesday deadline, Dish Network Corp announced that it would not make a new offer to purchase Sprint Nextel. Instead, Dish will focus on its tender bid for Clearwire Corp.
Dish Network's decision may be good news for Japan's SoftBank Corp. as it is also trying to buy the No.3 wireless provider in the US, Sprint.
Dish, a satellite TV provider stated that it was no longer practical for the company to submit a new offer by June 18 deadline. Nevertheless, Dish still thinks that continuing the merger with Sprint has its strategic value.
The company added that it would consider its options with respect to Sprint without disclosing any further information.
The takeover battle started April 15 and leaving the deal is the latest turn. Dish, headed by its founder and chairman, Charlie Ergen offered to acquire Sprint for US$25.5 billion. This was a challenge to SoftBank's bid.
Join the Conversation